Sberbank International Transfer: Exchange Rates, Fees

Sberbank International Transfer

Sberbank International Transfer comes under the category of Money Transfer led by Sberbank. The bank is one of the leading Russian banks, capturing a total of 5% stake in the global remittance industry. Sberbank provides and offers financial services to individuals and corporates all across the world. In fact, Sberbank International Transfer is operational in around 18 countries, with more than a hundred million personal clients and three million corporate clients. This blog shares information on Sberbank international transfer, including exchange rates and transfer fees. Read more to know!

What is Sberbank International Transfer?

Making international transactions through Sberbank is Sberbank’s international transfer service.  The bank allows customers to transfer international funds across countries. The provision of an Android and iOS bank is available for customers to make international transactions, alongside an offline visit to the bank’s branch. 

Under Sberbank international transfer, on March 15, 2021, it was announced that Sberbank clients are able to transfer funds from across borders via the use of online banking. 

Also Read: SAMPATH BANK INTERNATIONAL MONEY TRANSFER

Sberbank International Transfer Fees and Exchange Rates 

Getting to know about transfer fees and exchange rates is important for customers who decide to make international transactions via Sberbank, involving themselves in the process. We have shared information under both aspects below. 

Exchange Rate of Sberbank International Transfer

Compared to most banks, that charge a 4 to 6% markup for overseas remittances, Sberbank is a worthy competitor given its average markup of 1.5% to 5% on major currencies, which is above the true market value. 

Fees of Sberbank International Transfer

The transfer fees of Sberbank International Transfer come with a simple and fixed structure. It’s 1% of each transfer, irrespective of the amount of currency of the transaction. This is applicable when the international transfer is made through the bank’s website or mobile application. If the international transfer is made by visiting the bank branch, then the transfer fee can range from 1% to 2%. 

SWIFT Codes for Sberbank

SWIFT codes are responsible to identify the international business status of a bank in a network of global transactions. It is required when making international transfers. Read below to know about the SWIFT details of Sberbank. 

SWIFT code SABRRUMMXXX
Bank Code SABR
Branch CodeXXX
Location Code MM
Country Code RU

Also Read: WHAT IS SWIFT WIRE TRANSFER?

How to Send Money Using Sberbank?

The detailed steps to send money abroad using the Sberbank website or mobile application are mentioned below. 

  1. Start by accessing your account on the Sberbank website or mobile application. For that, enter your customer ID and password. 
  2. After that, select “Payments and Transfers” and “Manage Beneficiary”. 
  3. Once you do that, go to the “payee” option from “interbank” or “intrabank”. 
  4. Add beneficiary from the option available from the drop-down menu, and fill in all the information required to make the transfer, such as the SWIFT code, account number, IFSC code, etc.
  5. Accept the terms and conditions. 
  6. Select “Confirm”. 
  7. Your transfer is submitted. 

Also Read: QIB INTERNATIONAL MONEY TRANSFER

Requirements to Recieve Money Using Sberbank

The information that is required to receive money using Sberbank is shared below. 

  1. The full name 
  2. Contact information; phone number or email address
  3. Residential address 
  4. Account Number 
  5. Full bank name and address 

Pros and Cons of Using Sberbank 

If you are planning to use Sberbank, you should get aware of some of its pros and cons. The ones shared below are the same. 

Pros Cons
Having a vast network of branches Sberbank across the globe proves to be advantageous as this makes the bank more accessible. For one to make an international money transfer, one has to have a Sberbank account and a debit card 
The option of online transactions is easily available for customers, allowing them to send money abroad with a few simple steps. The Sberbank foreign currency transfers are limited to a few such as Ruble/Euro/Dollars.
International money transfers can be instant via debit cards by MasterCard and Visa.

FAQs 

Can I transfer money from Sberbank?

Yes, you can transfer money from Sberbank. 

Is Sberbank blocked from Swift?

Yes, as per the EU’s 2022 sanctions against Russia, Sberbank was removed from SWIFT.

How much does Sberbank charge for transfers?

Sberbank charges 1% of each transfer online. 

That was all about Sberbank International Transfer. For more such related articles on Money Transfers, stay connected to the Fly Finance blog, and reach out to Fly Finance for any finance-related concerns. 

About Sanya Chhabra

A hermit who prefers to stand true to her values of kindness, inclusivity; and reflects the same in her writing. With a degree in literature and multimedia journalism, she's on a forever pursuit to improve. Additionally, she's open to inputs that are not unsolicited. Welcome to her professional writing space about finance, hope you enjoy your time.

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